When you are buying a property, the costs incurred are made up of various factors. These include:
- Our legal fees plus VAT
- Disbursements – Disbursements are costs related to your matter that are payable to third parties, such as Land Registry and Inland Revenue (HMRC). We handle the payment of the disbursements on your behalf to ensure a smoother process
- Surveyors fees – usually payable directly by you to your chosen Surveyor
Conveyancing covers a wide range of transactions including buying or selling your home, buying an investment property, changing the ownership of property between family members (or others), or even buying at auction. It also covers matters such as re-mortgage work and equity release loans. At Brindley Twist Tafft & James we have a very experienced and dedicated team of conveyancing lawyers who are here to help you through every stage of the process.
We offer clear advice on the important points you need to know but won’t overload you with the technical parts you don’t. After all, it’s our job to ensure that the title to the property you are buying is not defective, and to ensure that where you are having a mortgage, that all the mortgagee’s requirements are met. That said, we do of course provide updates and report to you along the way.
The process can be stressful. There’s no getting away from that – but it’s our job to ensure that we take that stress away from you and manage your case from start to finish by providing both a professional, but personal service where you will have access to your appointed Lawyer and their dedicated secretary throughout. We are definitely not the sort of place where you never speak to the same person twice.
We are proud of our history and reputation as being professional, friendly and personable – which is evidenced by the fact that the majority of our clients are long established, where we have acted for generation after generation, or have been introduced by way of recommendation from existing clients.
To help you understand more about costs, we’ve set out below some examples of the costs likely to be incurred in a typical purchase transaction based on certain assumptions.
Please get in touch with us to discuss your particular requirements. Once we understand the exact details of your purchase, we will be very happy to provide you with a tailored quote.
Our fees cover all of the work anticipated to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.
Our estimated fee assumes that:
- this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion, or the preparation of additional documents ancillary to the main transaction
- the transaction is concluded in a timely manner and no unforeseen complications arise
- all parties to the transaction are co-operative and there is no unreasonable delay from third parties in providing documentation
- no indemnity insurance is required
How long will my house purchase take?
How long it will take from your offer being accepted until you can move into your house will depend on a number of factors. The average process takes between 6 and 12 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 4-6 weeks to exchange contracts but usually with a new build property the completion date (the longstop date) can be many months later however this is determined by the builder.
If you are buying a leasehold property that requires an extension of the lease, this can take significantly longer – anything between 4 and 12 months. In such a situation, additional charges would apply.
Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below we have suggested some key stages to the process:
- Contact us to discuss your requirements so we can agree fees and discuss any specific requirements you have in terms of timescale
- Check your finances are in place to fund the purchase
- Provide us with all necessary identification for money laundering checks
- Consider whether you require a Survey
- Once we receive contract documents, we can carry out searches against the property and report to you on any initial observations on the information supplied by the seller
- Make any necessary enquiries of seller’s solicitor
- Provide a report and advise on the results of searches and all other information received
- Once a mortgage offer is received, go through conditions of mortgage offer with you
- Discuss your requirements relating to the joint ownership of the property and whether a Trust Deed is required
- Arrange for contract documentation to be signed and for your deposit to be paid to us in readiness for exchange of contracts (this is when the completion date is fixed and binding on both parties
- Consider what completion date you require and check availability of removal companies
- Agree the completion date (date from which you own the property)
- Arrange your buildings insurance (you have to insure the property from the date contracts are exchanged – not the completion date)
- Exchange contracts with your authority and notify you once we have exchanged
- Arrange for all monies needed to be received from your lender and you
- Complete your purchase
- Deal with the payment of Stamp Duty/Land Tax
- Deal with an application for registration of your title at the Land Registry
We are Solicitor Panel members for all the major mortgage providers and this means we can act for your Bank or Building Society should you require a mortgage to assist with your purchase.
We are also accredited members of the Law Society’s Conveyancing Quality Scheme which means we are recognised as a Law Firm who provides conveyancing services to a very high standard.
Please contact a member of our team to discuss your specific needs – details on each member of the team can be found by clicking on the names below: